Fuel Tech (FTEK) 7 Nov 242024 Q3 Earnings call transcript

Greetings, and welcome to the Fuel Tech Inc.

Third Quarter 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

Now my pleasure to introduce Devin Sullivan, Managing Director of the Equity Group. Thank you. begin. may you Devin,

a Good for and Quarter Fuel Yesterday, the we Conference Rob. which copy joining available is Financial you us Call. at issued close, the today Tech's website, after release, morning, you, a thank of www.ftek.com. everyone, company's for Results press Thank XXXX Third

the and from prepared will company's Chief the analysts today for Chairman, remarks, speakers Albrecht, will Vince Arnone, questions President Officer. Ellen After call and and investors. Our be Chief our we open Executive for Officer; Financial

turning for everyone things provisions Exchange and and Securities business tried Private are Section to of as operations, this available of using management. prospects has Tech's Tech Reform flows, and of well Fuel to forward-looking of Securities cause Form and our Risk the for under cash opportunities the statements company's currently amended, by Act made not materially and prospects and XX-K growth, factors over words on identify to by but differ information of performance results obligation future Fuel business to future Before cash Exchange in by reflect to assumptions to circumstances company's or as operations, Litigation results cautioned in uncertainties, the pursuant as these in opportunities the under to, undertakes various Vince, actual any such limited XXXX the are and investors as from filings the any SEC. flows, those estimate, information, believe, but words herein could uncertainties risks, of and similar including report Tech Fuel that XA statements. which publicly not XXXX all and as performance, plan, update call, these based means These developments intend, or Act Factors statements harbor are discussed and like identifying Securities announce risks currently XXXX amended, I'd historical the of expressions, the in forward-looking in remind Fuel or no defined results Item conditions, to forward-looking other of exclusive current reflect filings to statements on factors statements and those as of made statements. to with to detailed other available anticipate, growth, are events, are expectations forward-looking are Tech contained expect, or Tech's subject subsequent the Act those information involve matters discussed will regarding XXE which except on caption implied expressed reason, company's safe such annual financial to that including, statements forward-looking the Fuel

and Tech. with Arnone, to President go Fuel like the said, please So call over Chairman, to Executive that of Vince ahead. Vince, Officer would turn I now Chief

Thank Good declined opportunities yesterday, new providing delays ATC us of for existing interest in today. timing demand. that Revenues $X move everyone orders business additional in to year toward our end million Gas We this and equivalents increase strength returned commercialization our or DGI orders fossil improving wide downtime, XXXX versatility throughout our are generation of customer-driven with water call our the to from remain of and we operators, progress have With coal-fired markets DGI the very to on these to ATC said, awards. Earlier we in and and as XXXX. and to due early electricity fuel-based reducing close quarter during to continued the $X and Dissolved expect We the range assist from this to resulting made Infusion you, million early no in of address encouraged we Chemical quarter or in new at by We initiative. over million financial revenue by XXXX. week, end currently announced in pleased are application, $X operations $XX we announced Technologies to where highlights Devin. segment, project with in morning, I'm seeing cash, ended and joining issues. the a distinct to in are markets diversity in quarter-over-quarter periods we treatment of X thank for and high demonstrations debt. investments discussions process XXXX, plant the the projects agreement for business of the have a aquaculture remainder ability and primarily maximize wastewater additional on APC believe strong to operators on to the business of largely with position we execution and of demonstration them that an we pleased end utilities an of clarity and like third other expect due a profitability report to the of I'd cash into the million these to ability

into $X to of last coal-fired to month a let's expected announce same Now in CHEM $X.X I the announced U.S. our Revenues customer demonstration this starting approximately discussed the reflecting contributions unit. year, customers, prior is account rose quarter to contribution million gross FUEL a year commercial FUEL were at previously X more of in generate our FUEL this CHEM. historic the had with X% returning quarter by from transitioned detail, annualized revenues We demonstration for results quarter, discuss material which at new and of in last third very from a million margins. Western pleased CHEM that from and at the October

our of coal-fired quarter FUEL could pursue With a U.S., quarter first utility which in in in boiler unit -- in the in partner the CHEM provision to reduction year. in it expand of in the elected the with power other chemical the understanding Eastern also opportunities, partners of Midwest, aimed of We to interested the respect newly next is change. which is FUEL we cause technology climate unit our particular, to in on that pollutants that conversations environmental into the biomass-fired our Based are that demonstration CHEM demonstration country. at implementation of international one opportunities, also a targeting in Mexico and in continuing materialize XXXX policy other remain the operator is discussions generation our government a first Mexico, with

the of plan. planning a hopeful we to Mexico as heavy program from is that future, generation generated part an are our near-term the will operations FUEL As President Sheinbaum's use for fuel oil the fuel for integral power CHEM refining be

reflected projects and delays revenues last execution new project existing customer-driven APC our to to project compared on and segment. Turning Lower delays in third awards. year's quarter

next ammonia Pacific far, FTC our As million and pleased APC the orders and customer on contract XXXX the control ESP of year. awards units solutions early or at of focus natural and clean In are turbines to U.S., advantage the emissions regulatory plant SCRs in as coal-fired previously, the on end yesterday. market for by through expecting $X positioned to of the million Asia on I expansion of emphasis were we I mentioned XXXX include continue end drivers, ULTRA, the traditional we to of and XXXX from global are SCR, take gas this based benefited additional have year the current industries, Independent across Africa, discussions announce development basis SNCR, and with we trends, And of ongoing base, into of South of industry, we U.S. less thus well Rim. potential and adoption small the impact the an Southeast replace a the of to we hospitals expect and biocarbon our ULTRA the the $X as our continued universities $X additional which several power new million incentivized Europe, in XXXX. on move industrial decarbonization generation, to of use systems continued source at the capacity safe across this using potential

XX On the regulatory EPA applicants granted still Court where the to June, Supreme Good was in week Neighbor for the stay request rule the states the In front, Neighbor rule. and rule states Good response, last saved the active. industry

emissions to impact certain we plants had the prior discussed to required their rule states. power on on nitrogen down win facilities from and XX reduce of states As industrial limit calls, originally oxides This the Court and of applicants rule, the the for of the Circuit Circuit. implementation the Appeals the States temporarily petitions EPA disposition for Courts pending United of D.C. halted review decision in the

the in a As then are industry case more response. to their formulate objections clearly sources present will and a EPA understood, position be

to the decision-making. closely timing monitor this impact to the of We status of better understand and case will the final continue

industry MWC segment large to assisting which nitrogen had And rule Good have meeting compliance progress combustor DGI to continuing are in still a for Shifting this our oxide and over Neighbor completely waste requirements, we municipal had Additionally, support deadlines with is yet its next history in compliance to expected This monitor is of final their of large XXXX the EPA's Tech in sometime expected planning. rule this Fuel reduces compliance units, requirements with long independent emissions the in of for the rule rule. X The years. we customers has the discussions units. technology.

the with last end and hatcheries potentially the to gain supply demonstrations, by coincide I the momentum. rates, X WEFTEC, agency food commence next X animal week, oxygen development markets. rates a has technology other a the to generated Orleans Technical dissolved health survival in month as is product to to to fish the levels Exhibition XXXX announced demonstration interest the resulting and to dissolved government for technology, expected at growth grow Our state demonstration and of held extended continue growth that have technology Providing and fish basins DGI stocking of also hatchery's of New is expected been levels the hatchery in at very will we to density protocols known applications in had and test from Environment ratios. consistent gain applications environment. raising evaluate respect in With business DGI The selected an exhibition Water overall in as this critical We oxygen in of earlier initiatives Conference, benefits the a to of demonstration consistent previously, of precise a Federation late multiple mentioned for DGI quarter ongoing and last in the is first This months. the successful aquaculture defined fish the in U.S. significant controlled and cycle of Western for conversion

demonstration, that processing also to they with the dissolved processors utilize own the this to wastewater facility one provide United In to DGI addition States. country at Southeastern are a the food of oxygen municipal in and facility in progressing plant wastewater operate treatment this discussions with largest a and for food treatment

that interest advance chemical, we are pursuing of commercialization. Lastly, as for we petrochemical there horticulture, markets including we and markets are addressing multiple food these towards paper, and to to forward continue beverage, DGI, and other end pulp prospectively and look

of As out year commence and we expect at into about excited towards by are FUEL balance at our are look demonstrations of DGI. encouraged this we XXXX, opportunities the CHEM that the growth the pursuing and to we we

For expected mentioned as from APC booking a has contract awards, than I slower XXXX been perspective. project earlier, execution and

for by expect we range of factors, converting in team express that their on remain of our XXXX my opportunities we into look business. to move closing, forward million. encouraged these to to we revenues be However, we thanks as to our $XX XXXX. million will In into and opportunities, for Based the from want contributions to total contracts Fuel the I XXXX pipeline Tech these $XX

Ellen we very segment, and for we move as thank value. DGI. growth for turn our potential and focus over are to long-term continuing shareholders I call the With outlook and for pursuing for that comments. of into I'd their delivering CHEM the opportunities FUEL like are to the you XXXX her the shareholder APC resilience our said, encouraged reiterate We support by on our to

you, good Vince, and everyone. Thank morning,

last segment APC segment segment in last million quarter XXXX to last third offset consolidated to CHEM in CHEM $X.X APC slight to quarter, as a in This service of $X.X from FUEL from $X.X segment coal-fired quarter revenues APC the year's from project increased prior the the dispatch accounts a the returning in our increased declined year's in in to to quarter, margin changes quarter. execution customer segment, reflecting from XX% $X related revenue third existing decline in margin gross revenues to for completions, a down to margin mix. timing Consolidated million revenue decreased of growth period. year revenue period decrease year compared contributions slightly third product For decreased reflected prior account. new outage revenues, a the of XX% result compared to XX% million year's from APC million segment due primarily in third quarter, year. gross was decrease and million due from by of the FUEL $X.X project third gross segment primarily million to on to to in of $X.X last and XX% contracts.

validating expectation recognized last margin to CHEM of $X.X from XX project domestic the September XX, December FUEL delivered of segment CHEM and revenues APC completion year. million our September for from percentage As contains and over revenues project such delivered a compared ancillary flat segment foreign are $X segment levels, project third XX% of from million, a which backlog in post-contractual the and on will $X.X half of gross a margin profile increased gross down reminder, $X.X $X.X delivered levels compared quarter parts quarter to at backlog domestic second FUEL million FUEL revenues Ancillary of delivered offset XX. foreign project time the items backlog at that Consolidated as million December segment was backlog services. projects margin capital Backlog and million included margins, XXXX, margin revenues basis. at project return million maintain higher will -- APC backlog of historic first revenue $X.X project margin and second and of at year. XX. CHEM's on backlog gross was to

from expenditures, year's $X.X percentage by expect last increased decreases SG&A quarter, third million will expenses. a last recognized $X employee-related We in revenue international months. next consolidated backlog SG&A million of of XX expenses in from in XX% increased in be to third partially that current as $X.X the administration to million quarter. reflecting offset year's XX% higher

of each past X from decreased the quarters. has it However,

expenses to quarter in million. a as last to in project $XX.X third of Research For expenses XXXX and quarter result $XXX,XXX XXXX, we for continue expenses quarter. expect to R&D range XX% decreased higher third expenditures. of by million were third from development SG&A and between $XX the year's demonstration $XXX,XXX the

this product development focused the periods. of development Our specifically, demonstrations to into offerings described to area water market are DGI and the be in reflected Vince and research the technologies Spending expenditures on support earlier treatment and our more new wastewater our future expand systems. will in

Our in consolidated last compared and to $XXX,XXX quarter, reflecting was decrease third of operating operating $XXX,XXX loss the year's income revenue in gross profit.

September advantage We year quarter of generated and compared favorable of income and held-to-maturity in funds. interest securities $XXX,XXX debt of continue to the market the take in rate environment majority interest have $XXX,XXX invested $XX.X to cash period. money XX, in our prior This of in as the third the million

$X.XX $XX,XXX per We share X in per in same income the expect reporting returned in XXXX. $XXX,XXX $X.X we significant $X.XX rate interest excess generate changes to share no net income or year net or the ago. in million of of for quarter, period to the Assuming interest environment, income to profitability of compared

loss Our $XX,XXX in adjusted was of EBITDA adjusted last the $XXX,XXX same an to EBITDA year. period compared

the to moving sheet. Lastly, balance

condition remains financial strong. Our

Vince. maintain over long-term I'll have no and and equity confident turn As and strong or million short- of Stockholders' capital initiatives. to $XX remain September per we equivalents back million ability continues short- XX, share, position $XX.X to or company We cash $XX.X long-term investments million fund and per the in a now the million. had outstanding $XX.X greatly share. our of our and $X.XX Working was growth was cash to debt. call $X.XX totaling to financial and

line Ellen. for Thanks questions. let's ahead and Operator, please go open very the now much,

our Wainwright. with is And Sameer Instructions] from H.C. Joshi line first the of [Operator question

do is EPA So about my of regulations? action time may Neighbor quarters, to visibility in but this like your Good you circuit review quarters? Any crystal X first I question on have of courts long it the how hear then couple to the idea on I'm X asking for the its take new any the formulate provision. know to to EPA line? a Is and ball,

answer have are doesn't that reviewed. now of unfortunately, same good think, I being a the you. ball, for administration some through time change we're provisions Obviously, going crystal at of a My these

any think I all line regulatory point provisions. for that of we sit boards predict see right as I wish and this But now unfortunately, specific better Sameer. these a updates on We can actually a timing us give So to is these at that. difficult watch we predict. in difficult I very very it's time time, actions you the to for on

conference I Tech more give we know. we'll we with our a We calls. that's frame. Fuel everyone as interested to you now, share But more, As just do time even learn tentative right hesitate don't in

of also, of enforcement or -- is those Good that any your And if should to to that's come the would you, No, does that XX it from is question upside Yes. in this the is get? Or favor this favorable fair. existing one revenue I it you goes in just this say, your your is reasons provision ask additional of states? Neighbor

of we been into something you well are any that revenues Good we what past business Correct. beyond. call asking The of that for for It us. about of years. the at following looking these impact utility Good of will Good upside have were through project upgrade rule this, as would thank base not Neighbor was not see that and we move And impact significant experiencing potential. question, to as end XXXX project and level from the material it for year it, call, unit the, and couple business I to standard the this that. opportunities some The we will with were we and talking we ongoing upside additional expect would were all provision Neighbor updated to work that that industrial

CHEM million existing potential. For million right? is annual -- the that is come and the for your $X expected mean is the revenue you over installed for thereafter. addition before next have the CHEM base, years next I announced few FUEL and to you in the to this into play not to This moving -- $X.X something then business, several quarters FUEL to mentioned in

with number ahead in first with upside we that range Yes. coal-fired we are because I answering move we've we well. for on incremental incremental is year and on The definitely you specifically, impacts add indeed single every downside that unit the just have that meaningful question customer profitable quarter Chemtech this experienced Chemical revenue prior relative is tell us. coal-fired to incremental year, next an accounts we'll it's relative as Technologies the to to accounts hopeful able seasonal you revenue to pleased that that extremely an expecting add we're as as are equipment well has, us. business. unit But issues that is well forecasting adding we additional base an It extremely of years go see. and have know, into of our your coal-fired that for weather regard to base base revenues And the unit to to some both be being and we for outages that very said, as to hesitate very because

Yes, yes.

or coming in are downtime, this so the next the X.X increasing contracted outages to next in some -- thanks plants again, an seems potential additional that for coal with deployments then X it or except And year. early and for because

Yes.

the $X press from in orders include hand? In Or orders in in only $X orders, described does were that orders yesterday, in the the from release million that the is million the hand and release? it potential press again,

this part additional towards my I XXXX awards That's in early this contract as probability of into the of having only expecting $X hand. very million move in a latest. million before we are orders as orders There's year, had very, commentary, as the at end the us $X additional of year. end to high of we mentioned And

contracts yesterday, those million already. $X hand -- announced it's contracts are So in

Great. Great.

sooner is that that like the of operational some maybe state underway in potential second but demo On demo misheard, expected this planned of this be order second agency, demo half is front, then DGI for the the to in being and XXXX? the or half -- the XXXX? is and than I Or government -- the is a

their on XXXX. looking So in will the hatchery grow. commence. to X for going when Western cycle to next of agency are the the That's fish about the they next year, the that or fish demonstration when the -- demonstration growth start next April with commence of That's batch this U.S. is actually will

last with latter as then It will So an to look with towards order X have we will yes, demonstration. X months. of success, hand move XXXX. the it in then. would start we then And to That's that part

the talked demonstrations X finalize would about this for as an term near I that starting year. that we of The in be more are potentially to agreement end in other looking before nature

fourth Understood. million And outlook imply then revenue? million $XX just outlook revenues. $XX that Because for December rest for last the in year? of is you line quarter $X.X year-over-year terms think the year, down the top to I in -- million had the Does quarter of $XX

to our have a better have than with work. you that Earlier just talking told under unfortunately, right the couple And their base. on year, of these execution would to. they're of we've Yes. our reference customer and a timing point, timing does, we about frames. customers I execution been contracts, it was On just execution have the But time this upon not time had to air we're At would projects customers based frames, our as control, that something direct particular, now delays have it's to result, the in it's QX a control of our pollution the that this shifted expected of due and end making adapt QX that Sameer. from I project

it recognized the not It But dollar to revenue will does lower-than-expected a go stays is, and away. in downside our number. it's going QX yes, backlog in value So be that -- the XXXX. be is upside

next with Investment question Silk of Silk from [Operator is Advisors. line the Marc Our Instructions]

All right.

or the extended so announced week On this you a you deal said ago, hatchery is demonstration. fish an

with mean they and to you've the level? does working them next to So previously go that been just want

By was growth that look cycle progress fish. because the more And X- DGI to a extended, time I over demonstration us. going longer longer-than-normal a just of the to we're performance would of temporal to a X-month the than monitor aspect, full demonstration call the normal demonstration referring frame to the is what for of

So that's the extended basis the for terminology.

then help any And Okay. cover costs? you there that revenue will is

this at. nor for Not for demonstration the other X that looking we're

have If seek We do finalized able the the cost, for some not will agreements we cover we're X to so. other demonstrations. Marc, to absolutely

so Given where can out we and we are looking commercialized get can. technology today operational demonstrated become -- we're with we as as to quickly become so DGI, can as this and we

demonstration-related which us But typically cost demonstrations. right on sort any event. now, that in So we for absorb willing your material of the we answering funds to not costs, are question, recovery expecting aren't in are any

maybe more you that show kind presented at, the anecdotes. like give some just and you can more of exhibition the color guys us on So

us an for into So this invest where example in of the as investors know deals, not kind market of as more what the and and going know focusing this is I issue. -- people as these little instance, I it's to want the looking far been product. customers saying what what excitement to to bit are for technology it's I stock, probably that a I to on see turn saying. give this you, as is clarity will type just nice but mean, nobody again, are have thinking, we is like of like

Yes.

is solution old existing solution have technologies that I think comments That's I'd are sort of could been a new improve from we're decades. X most from the hearing cost primary with place a potential All their from modification way. in could moving and source that multiple will, that of looking ahead response demonstrations customers. customers that is a for their away or And we're X dissolved performance, of we come the new reflected problems are and actually oxygen, that something a that looking -- their variety of the in towards could the for benefits if say to structure, lower for each moving for them make go that get that over that frequent working of today. something their you other

And they air. I've is a to say the the as in include then new are a and of traditional noticed have water clean we're will times And lot for clean they energy". energy country looks "dirty forward, clean sources going plus going administration also like next of and year, now this what it

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something going considering So said kind publicly they've already how capitalize this, of on forward? can their like we what energy about that's policy

for Yes. It's scenario to to be apparent. mixed be that's be is there obviously But going going of probably a us. a I in a interesting think bit how right? a prospectively, energy of times, and us, for generated is bag in little it's shift to going

in that fuel to as strong in your it fossil to generation, relates primary remain expect to very point, way. a that think I So we the fuel can fossil is play going obviously

source I And generation, continue natural of a as significant power going for be used think for natural perhaps gas gas of going we're there's an to to power see expansion to fuel the a life time, At more as in the you extension drilling same we gas earlier if year occur. talked units. That about of the for will had natural coal-fired resource, generation. will. of

by Just data theme world of parts the AI, in for there country we've cryptocurrency other being general support a about about been centers, shortage driven in this as talking driven like. the power a mining and because and by by driven generation

over prior coal-fired to there transpired days, life past so for And of handful public public discussions this extension even of about and the statements been units. what's have

So real. that's

with Now remaining To opportunity more some in now right forecast out via if APC for But coal-fired And now. for what on either see ourselves capitalize chemical front we're us. to of our to our provide that technologies might for that additional coming we going is see it's board, that way the new those opportunity I as coal-fired could us of for the on approach lives, technology possible administration we have think difficult of extent, business extension well. an could generators putting that. or that

to the upside. the way that's that, look capitalize That's okay? So we would on on

On side of likely possibly Sameer's going the answering proposed for reductions emissions postponed the to modified. I regulations earlier, as other was increased question equation, are be or

in that's to We expected. sit funding know heard that's here bodies. the think don't possibility for a regulation as shrinking be we for about decrease in a We've reduction EPA. may bodies a today, as in that general, I regulatory but regulatory be support and There well.

little for time on scenario a heavily see plays give fossil it's to is interesting but over what answer, today. with can generation whereby and be out. know utilization will power a focused that, But this X-year this it how we that its us there a approach Long-winded more So next frame. boost

and also that for some showing in how shares Ellen looking And was that. are buying by you I appreciate confident the business appreciate yourselves. the what that's I investment you for. No, community I

will be interesting So anyways, coming well, it out. an good year luck,

Our of Bremer next is William from line Bankers with question the Capital.

be the et the And hear maybe the field division of give this the year? implementing if additional terms trials? you the granularity before correctly for of I that different some Did the nozzles, looking Okay. end X pilots you end so, markets, X pressures at can will at, in we DGI that cetera, depths, these you're

demonstration move each those following year. a up you there So That for as bit have So we basis, discussions of said closely. finalized running forward, scenario right give to just be but We X demonstrations, call to granularity both But the them additional looking now. we're okay? here the, pursuing little the we clarify, would before daily them of sit agreements I of on could is the That and can said, optimistic Bill, demonstrations end be that We're X I this them. of don't are on possibility them okay? a it, in yet. Vince's

One supplemental municipal for I of nonstandard provide this in And to address looking to their facility. we facility what their is be upset conditions call with conditions case the treatment the are needs them oxygen wastewater for treatment that arena. basically that or whereby specifically wastewater municipal would treatment would is

of For this we DGI to they a needed. use we that believe to little would would expect a smaller application, given incremental use bit be -- demand the oxygen unit

to a for the to one operation. other would XX a country having for with smaller are sale with aeration producer are it facility, technology the down they've so be actually wastewater XX their entire starting using meat is capital opportunity large facility at they Now about treatment processing take their challenges concerned food particular been And this they at okay? processing fail wastewater site, the standard them. this plant who in this of on past And extremely having old-school and plant years, it's because a

to to out their treatment us a see reached be operations. if they replacement so DGI for technology wastewater can And

DGI potential make to would would sale. So the It we larger be look this unit largest equipment available. that be a would

be share be good we'll And able processes talk these able to so next end customers. potential capital it a of with some both publicly. working sale. time But we're to news And hopefully, these we're could the larger X through again,

Agreed.

on potentially do say, agreement an MSA, sale years of these next, over a the to the in mentioned these. an have, an sale? have think that X of terms Or opportunity say, maybe outright X Is multi-service you we to You systems? it operating

Right.

are will. more so the We either delivery and arrangements system, for have if you to a and we've open been possibility to DGI long-term discussing service scenario, more

soon For than they're these long-term X to particular think really but know service too apt right applications, now. more it's I be to contracts, capital

it's But that before something both the them Okay. to of be signing. presented would

meet their would Yes, needs. as what on options, depending best

Okay. All right.

to to discussions, et granularity give us cetera? has within say, there little you X more if past, there, more Let's Mexico And opportunity. the meetings, the turn been X could specifically months, a more

Yes.

okay, -- effective that within just past lot they're frame, time members in We favorable partner to In is that government factual. because new through. the know the our with of of turned of discussions in know became place. that. been have again, weeks things is That with So administration X contact moving about X that this is There's couple the new We more as of administration. my a has partner now weeks our ago.

be technologies going know to has our fossil here undecided government they today their applied to it issues. their to with invest money we part in And okay? indeed is okay? be chemical be policy units today. could of sit environmental prominent expectation of is them so technology We as to their as some is environmental fuel more some remains become discussions, willing used that their need much do What the that the to our environmental help approach partner's that, of burning However, how

the opportunity. than the the this So funding, call chemical I relative you're statewide call than and real to allocation revenue us what you're to difficult into, we're generate backdrop that dealing agencies -- more to But in encouraged know from funds when precious converts opportunity when ever for and different with when country, no the Mexico. for of for it's technology it, would us

encouraged. So we're extremely

but government. forward Our be partner Mexican is within encouraged, this the needs still pushed to

down at is you a there to can believe with? many boilers you all How to them, that boilers of do do in us additional that? opportunity we right? least deployed you many for at that. currently, have potential CHEM So saying how then And their FUEL it's the there petition, confirm my have of are that opportunities, or a try few not but contract interpretation a least land an of land to available And to

Right.

couple actually at on different for plant small than we've X a So sites dozen of units been more functioning years. a

the had years. there, dozen So income system generating running royalty and a and for we've been we've up

concept a would entire of been time call what rolling I there's proof So in place this down frame. for there

that use. program function for And its so evidence our intended can

don't in at fuel plant additional that you there our approximately numbers program. I are Now additional are X opportunities, have XX use there the approximately unit range units a There to could specific sites, going I'm to X -- that heavy because are to oil are many. terms XX burning of give

The But as is we So ability not because it's is potentially the It is it make Tech. a material for it's to as it's frame -- would within perspective, to much our focus very because Fuel sizable. like we don't been it sizable. from so reality time opportunity control. uncertain on

No, it's sizable.

me You're proven down the to new there. It and environmental play, administration her a seems plug it's and especially with background.

was the bit I if a play, little you it, for should fact in very this, a just And these it a if proven come as to be event number years. than think of could other greater could do probability hey, seems material to. given the it correct past. gotten that, that I'm there be on we ones, this should we you and hey, specified had the has It been down that, able

good. That's right. So

for you. more comment one Bill,

in one within And equipment this points. XX actually we what to ready correct a those You're already. did past, go having we all as invest plant for is on site it, to months did call XX company

response equipment to one Mexico, down equip have this requirement run ready Chemtech we should our to equipment plant go ready with go in to urgent become an site to So we're program.

already. So we've made that investment

then. And

Okay.

we the of here. X, X? that for Is How the I'm orders, cetera, in quarter? et How need a being long Let's we okay, land if just month? do purchase that Is the order? had that ramp next optimistic say Is longer to a than terms wait we that? a of up quickly

XX to we'd be I'd to the plant in here needs it build-out do XX they if all equipment minimum minimum to indication new we sites. to a a would of That's do Probably, of a forward, to and able not Bill, range other do weeks you weeks -- time get meet at they anywhere get have sit go as site Yes. likelihood But our give to ready. to XX sites, all at from one XX ready for anyway.

are sites than another? inherently slightly different So one the

All so forth. in unit terms sizes sites so are a and different little on bit of and

equipment we whereby need the be case bit little might to our configuration change it site a to So site. from

that idiosyncrasies as to those are work site plant with there we to have we other site. one So from plant deal

the closing of this to the you. And we've reached back turn Vincent At remarks. Thank for floor question-and-answer the to time, I'd like session. end Arnone

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teleconference. does today's your conclude you We This participation. thank for

this your lines You time. disconnect may at now